On August 28th, Rachael Lucas, crypto analyst at BTC Markets, said: "Today's decline in the crypto market is not due to a single catalyst, it appears to be a combination of factors. Technical indicators show that the dollar index (DXY) is oversold on the daily chart, which could indicate a possible rebound in the dollar, which has traditionally led to downside pressure on risky assets such as cryptocurrencies." Mr. Lucas added that seasonal factors could be linked to the market downturn. The "September effect" usually leads to poor market performance due to portfolio rebalancing, profits from tax losses and heightened caution ahead of the US election.